丨证券研究报告丨 行业研究丨行业周报丨公用事业 [Table_Title] 国际认可加速绿证消费扩容，价改推进重视绿电 长期价值 报告要点 [Table_Summary] 国际绿色电力消费倡议组织（RE100）宣布无条件认可中国绿证，明确企业使用中国绿证不需 要再提供额外证明。标志着我国绿证体系的制度完善与国际互认取得里程碑式突破，助推我国 绿证需求侧加速扩容。长期低位运行的市场需求和绿证价格将得到显著催化，为新能源项目实 现合理收益提供重要支撑。在新能源价格改革持续持续推进的背景下，我们认为各省配套细则 也将承接 136 号文保护存量项目、稳定增量项目收益预期的原则，有助于长远角度新能源发电 的合理健康发展，同时随着绿电消费的加速扩容，绿电公司有望迎来价值重估。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQT627 SAC：S0490517080003 SAC：S0490520120001 SAC：S0490520110001 SAC：S0490523080003 张韦华 司旗 宋尚骞 刘亚辉 [T ...

Group 1 - The core viewpoint of the news is that China Resources Power (00836) has signed a cooperation agreement with China Resources Sanjiu (000999) for renewable energy projects, effective from May 14, 2025, to December 31, 2027 [1][2] - The 2025 cooperation agreement aims to enhance the profitability of the company's renewable energy business and aligns with the government's "carbon peak and carbon neutrality" policies [2] - The collaboration with China Resources Sanjiu is expected to facilitate the smooth execution of projects and improve land quality to meet national requirements for composite photovoltaic projects [2] Group 2 - The agreement allows the company to continue procurement under the main terms and pricing policies without extensive negotiation time and costs, following the expiration of the 2024 cooperation agreement on December 31, 2024 [2] - The partnership leverages the strengths of both companies, benefiting their respective business areas [2]

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Viewpoints - The new regulations for public funds are expected to lead to an increased allocation towards the utility sector, which is anticipated to benefit from a shift in investment strategies focusing on the "risk-return ratio" [6][4] - The utility sector, particularly hydropower, is projected to be one of the biggest beneficiaries of the new policies, as they are characterized by low covariance with the market, leading to potential valuation increases [6][4] - Historical data shows that major hydropower companies have consistently ranked in the top percentiles for risk-return ratios, indicating strong performance relative to market volatility [6][7] Summary by Sections Sector Performance - The report highlights the underallocation of public funds in the utility and environmental sectors compared to their index weights, suggesting a significant opportunity for investment [6][7] Investment Recommendations - The report recommends prioritizing investments in resilient hydropower companies and undervalued thermal power companies that benefit from declining coal prices [6] - Specific stock recommendations include: 1. Hydropower: Guotou Power, Changjiang Power, Chuanwei Energy 2. Wind Power: Longyuan Power (H), Xintian Green Energy, Datang Renewable, CGN New Energy 3. Thermal Power: Waneng Power, Shanghai Electric, China Resources Power, Huadian International, Sheneng Co [6]

Investment Rating - The report maintains a positive outlook on the power and natural gas sectors, indicating a favorable investment environment for renewable energy and gas companies [2][10]. Core Insights - The Shandong provincial government has introduced its first local guidelines for the marketization of renewable energy pricing, which is expected to stabilize returns for existing projects and provide a model for other provinces [5][7]. - Global natural gas prices have seen a slight rebound due to tightening supply and increased demand for LNG exports, with specific price movements noted in various regions [10][19]. - The report highlights the potential for LNG import prices to decrease further in the second half of 2025, benefiting downstream gas companies [11][29]. Summary by Sections 1. Power Sector: Shandong's New Energy Market Guidelines - Shandong's new energy pricing reform outlines that existing projects will participate in market pricing at a rate of 0.3949 yuan per kWh, aligning with the provincial coal benchmark price [5][6]. - The guidelines emphasize strong connectivity with existing policies, ensuring stability for existing projects while introducing competitive elements for new projects [6][7]. - The implementation of these guidelines is expected to serve as a model for other provinces, enhancing the operational efficiency and market strategies of renewable energy companies [7][8]. 2. Natural Gas: Global Demand and Price Rebound - As of May 9, 2025, the Henry Hub spot price in the U.S. was $3.22/mmBtu, reflecting a weekly increase of 3.84%, while European prices also saw a rise due to supply constraints and seasonal demand [10][19]. - The report notes that the overall LNG import cost in China has remained below 4000 yuan per ton, with a significant decrease of 18.4% from the year's peak [11][29]. - The anticipated decline in international oil prices is expected to further lower LNG import prices in China, benefiting city gas companies [11][29]. 3. Weekly Market Review - The public utilities, environmental protection, power equipment, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the review period [35]. 4. Company and Industry Dynamics - Recent developments include the issuance of competitive configuration announcements for renewable energy projects in various provinces, indicating ongoing investment and growth in the sector [44][46]. - The report also highlights significant corporate announcements, including financing and profit distribution plans from key players in the energy sector, reflecting a proactive approach to capital management and shareholder returns [48][49].

Investment Rating - The investment rating for the public utility sector is "Positive" and is maintained [8]. Core Insights - The new public offering regulations are expected to drive capital inflows into the long-underweighted public utility sector, which has a current allocation of only 0.94% in actively managed public funds, significantly lower than the weights in the CSI 300 and CSI A500 indices [2][10]. - The sector's earnings have shown signs of recovery, with expectations for continued performance improvement in the second quarter and throughout the year [2][10]. Summary by Sections Public Offering Regulations - The implementation of new public offering regulations is likely to provide marginal support for the public utility sector, which has been significantly underweighted in fund allocations. The sector's weight in the CSI 300 index is 3.53%, while the allocation in actively managed funds is only 0.94%, indicating a shortfall of 2.59 percentage points compared to the index [2][10]. Earnings Recovery - The public utility sector's earnings recovery has been validated by first-quarter performance, with expectations for continued improvement. Specific insights include: - Coal prices have decreased, alleviating pressure on thermal power generation, which is expected to enhance earnings in the second quarter [10]. - Hydropower assets are becoming increasingly attractive due to declining interest rates, with companies like Yangtze Power showing a high dividend yield compared to government bond yields [10]. - Nuclear power is anticipated to recover as new units come online, mitigating previous earnings pressures [10]. - Green energy companies are expected to benefit from policy support and asset value reassessment [10]. Investment Recommendations - The report suggests focusing on quality thermal power operators such as Huadian International, China Resources Power, and Huaneng International, as well as hydropower leaders like Yangtze Power and Guotou Power. In the renewable energy sector, companies like Longyuan Power and China Nuclear Power are highlighted as potential investment opportunities [10][13][15].

Group 1 - The total installed power generation capacity in the country reached 3.43 billion kilowatts, with a year-on-year increase of 14.6% [1] - By March 2025, the total electricity consumption was 828.2 billion kilowatt-hours, reflecting a year-on-year growth of 4.8% [1] - The Central Committee and the State Council issued opinions on improving the pricing governance mechanism, emphasizing the establishment of pricing policies to promote green and low-carbon transitions [1] Group 2 - According to a report by Galaxy Securities, the energy consumption target assessment for the end of the 14th Five-Year Plan is expected to catalyze the demand for green electricity, with clearer future revenue expectations following the establishment of a sustainable pricing settlement mechanism for renewable energy [1] - The recent sharp decline in coal prices is expected to reverse the market's pessimistic outlook on thermal power for 2025, suggesting a focus on companies with significant market coal exposure and smaller reductions in annual long-term contract electricity prices [1] - In a declining interest rate cycle, hydropower and nuclear power, which have strong dividend attributes, possess long-term investment value, with nuclear power also having high growth potential [1] Group 3 - A report from Guotai Junan indicates that the electricity price for thermal power is better in the northern regions, where the proportion of renewable energy is high, and the scarcity of thermal power is evident [2] - The annual long-term contract electricity price in the southern regions has decreased this year, putting pressure on thermal power plants, which are shifting focus from quantity to price and efficiency [2] - There is a strong possibility of witnessing two historical firsts: an increase in spot electricity prices in 2025 and an increase in annual long-term contracts in 2026 [2] Group 4 - Related Hong Kong-listed companies in the power and electricity grid sector include Huadian International (600027), Huaneng International (600011), China Power International Development (02380), China Resources Power (00836), Datang Power (601991), and CGN Power (01816) [3]

Financial Performance - For the fiscal year 2024, CR Power reported a turnover of HK$105,284 million, representing a slight increase of 1.9% from HK$103,334 million in 2023[11]. - The profit attributable to owners of the Company for 2024 was HK$14,388 million, a significant increase of 30.5% compared to HK$11,003 million in 2023[11]. - Basic earnings per share rose to HK$2.97 in 2024, up from HK$2.29 in 2023, marking an increase of 29.5%[11]. - The total assets of CR Power increased to HK$362,464 million in 2024, up from HK$322,396 million in 2023, indicating a growth of 12.4%[11]. - The company's attributable equity increased to HK$99,151 million in 2024, up from HK$84,974 million in 2023, representing a growth of approximately 16.3%[20]. - The core profit contribution from the renewable energy business was HK$9,228 million, showing a year-on-year decrease of 5.1%[63]. - Revenue from strategic emerging businesses increased by 12.6% year-on-year, enhancing overall operational performance[69]. - The asset-liability ratio decreased by 0.7 percentage points year-on-year, enhancing risk management capabilities[69]. Installed Capacity and Renewable Energy - The total attributable grid-connected installed capacity reached 72,433 MW in 2024, an increase of 21.2% from 59,764 MW in 2023[11]. - Renewable energy capacity accounted for 34,188 MW, which is approximately 47.2% of the total installed capacity, up from 22,597 MW in 2023[11]. - The attributable installed capacity reached 72,433 MW in 2024, compared to 59,764 MW in 2023, indicating an increase of about 21.2%[24]. - Renewable energy attributable installed capacity was 34,188 MW in 2024, a significant rise from 15,441 MW in 2023, reflecting a growth of approximately 121.5%[26]. - The company secured construction quotas for 13,584 MW of renewable energy projects, enhancing resource reserves for sustainable development[68]. - A total of 7,788 MW of renewable energy projects were connected to the grid during the year, supporting national energy supply guarantees[68]. - Key projects included the 6,100 MW "Xinjiang-to-Chongqing Power Transmission" base project and a 900 MW offshore wind power project, which progressed steadily[68]. Dividend and Shareholder Returns - The Company plans to recommend a final dividend of HK$0.691 per share for 2024, totaling HK$3,577 million, with a payout ratio of 40%[12]. Strategic Focus and Future Guidance - The company is focusing on integrated energy services, including distributed photovoltaic solutions, to diversify its energy offerings[33]. - The operational strategy includes increasing the share of renewable energy in the overall energy mix, aligning with global sustainability trends[26]. - Future guidance indicates a continued emphasis on capacity expansion and technological advancements in renewable energy sectors[27]. - The company aims to strengthen its core competitiveness and advance towards becoming a world-class clean energy supplier[60]. - CR Power plans to increase investment in strategic emerging industries to continuously advance the construction of a new energy system[85]. - The company will implement China's new energy security strategy with higher standards, driving the development of new productive forces through technological innovation[85]. - In 2025, CR Power aims to achieve breakthroughs in both scale and profitability, ensuring the successful completion of strategic objectives during the final year of the "14th Five-Year Plan"[84]. Governance and Leadership - Mr. Zhou Bo appointed as Non-executive Director and member of the Audit and Risk Committee in October 2023[105]. - Mr. Zhang Yingzhong appointed as Non-executive Director and member of the Nomination Committee in October 2023[110]. - Mr. Li Chuanji appointed as Non-executive Director and member of the Audit and Risk Committee in October 2024[114]. - Mr. Zeng Jun appointed as Non-executive Director and member of the Audit and Risk Committee in February 2025[119]. - Ms. Elsie Leung Oi-sie has been an Independent Non-executive Director since April 2010 and is the chairperson of the Remuneration Committee[124]. - The company has appointed independent non-executive directors with diverse backgrounds in finance, law, and public administration, enhancing its governance structure[146]. - The leadership team includes members with significant public service experience, which may positively influence the company's reputation and stakeholder relations[150]. Sustainability and Environmental Commitment - The Group is committed to environmental sustainability, focusing on resource conservation and the development of clean and renewable energy projects[199]. - The Group's development in promoting ESG initiatives is discussed in the Chairman's Statement on pages 20 to 26[200]. - The company emphasizes the importance of optimizing energy structures and reinforcing high-quality energy development to support steady economic growth[84]. - CR Power is committed to high-quality and high-level development, empowering green progress and fostering a low-carbon future[86]. Operational Strategy and Market Expansion - The company plans to expand its service areas across multiple provinces, including Guangdong, Fujian, and Hainan, enhancing its market presence[29]. - The company is focusing on expanding its wind and solar energy projects across various provinces, enhancing its renewable energy portfolio[36]. - The company maintains a diverse portfolio of renewable energy projects across several provinces, enhancing its market presence[50][52].

Group 1 - The core viewpoint of the article highlights the performance of the China Securities Hong Kong 300 Infrastructure Index, which reported a decline of 2.84% over the past month, an increase of 6.34% over the past three months, and a year-to-date rise of 2.77% [1] - The index is composed of selected securities from various sectors including banking, transportation, resources, infrastructure, logistics, and leisure, reflecting the overall performance of different thematic listed companies in the Hong Kong market [1] - The index's top ten holdings include China Mobile (33.85%), CLP Holdings (8.59%), CK Hutchison Holdings (7.42%), China Telecom (5.37%), Hong Kong and China Gas (5.07%), Power Assets Holdings (4.81%), China Unicom (3.49%), Towngas China (3.16%), Cheung Kong Infrastructure Holdings (2.45%), and China Resources Power (2.42%) [1] Group 2 - The index is adjusted semi-annually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances such as delisting or corporate actions like mergers and acquisitions [2]

Group 1 - The core viewpoint of the article highlights that China Resources Power (Ningwu) Co., Ltd. has applied for a patent related to a method for determining the volume of raw coal storage, which aims to enhance the accuracy and efficiency of coal inventory management [1][2] Group 2 - The patent application, published as CN 119831491 A, was filed on December 2024 and involves the use of at least two infrared sensors to accurately measure the height of coal storage [1] - The method allows for the calculation of coal volume based on signals collected from the infrared sensors, ensuring timely alerts for coal replenishment and enhancing operational stability [1] - China Resources Power (Ningwu) Co., Ltd. was established in 2014, is located in Xinzhou City, and primarily engages in electricity and heat production and supply, with a registered capital of 1,047 million RMB [2]

Summary of China Resources Power Holdings Company Limited 2024 Annual Performance Conference Company Overview - **Company**: China Resources Power Holdings Company Limited - **Industry**: Power Generation, focusing on renewable and traditional energy sources Key Points Industry and Market Context - The power industry is experiencing a transition towards a new energy system under the guidance of national energy security strategies, emphasizing green and low-carbon transformation [2][15] - The company is committed to high-quality development and has achieved significant milestones in renewable energy projects [2][4] Financial Performance - **2024 Shareholder Profit**: HKD 14.388 billion, a year-on-year increase of 30.8% [3] - **Dividend Proposal**: HKD 1.19 per share, up from HKD 0.69 per share in the previous year, maintaining a payout ratio of 40% [3] - **Core Profit Contribution**: - Total core profit: HKD 13.87 billion, a 4.0% increase [8] - Renewable energy core profit: HKD 9.23 billion, a decrease of 5.1% [5][8] - **Revenue from Renewable Energy**: - New installed renewable energy capacity: 7,788 MW in 2024, with a cumulative total exceeding 20,000 MW by the end of the 14th Five-Year Plan [4] - Renewable energy accounted for 25.2% of total electricity consumption, with a 19.2% increase in renewable energy consumption [5] Operational Highlights - **Electricity Generation**: - Total electricity generation from coal-fired plants: 1,554 billion kWh, a 4.0% increase [7] - Average utilization hours for coal-fired plants: 4,625 hours, slightly down by 1.2% [7] - **Market Pricing**: - Average on-grid price for wind power: RMB 437.5 per MWh, down 5.3% [6] - Average on-grid price for solar power: RMB 317.9 per MWh, down 10.8% [6] Future Development Strategy - The company plans to focus on clean and efficient power generation, energy technology innovation, and enhancing competitive advantages [10][11] - Emphasis on optimizing investment strategies and project planning to adapt to policy changes and market dynamics [10][12] - Commitment to maintaining a balance between growth and shareholder returns, particularly in the context of the new energy market [15][16] Challenges and Opportunities - The transition to a fully market-oriented renewable energy sector presents both challenges and opportunities for the company [15] - The company aims to enhance its project selection and operational efficiency to navigate the competitive landscape effectively [16] Regulatory and Market Dynamics - Anticipated changes in coal market dynamics due to macroeconomic factors and increased renewable energy supply [18] - The company is preparing for potential fluctuations in coal prices and electricity market conditions in 2025 [18][19] Investor Engagement - The management team encouraged ongoing dialogue with investors and stakeholders, emphasizing transparency and responsiveness to market conditions [12][30] This summary encapsulates the key insights from the conference, highlighting the company's performance, strategic direction, and the broader industry context.